HOUSTON, May 5 — The oil and gas industry will need to invest $50-100 trillion to rebuild its ageing infrastructure within the next 7 years and stave off a serious drop in oil and gas production, Matt Simmons, chairman of Simmons & Co. International, told OGJ May 5 at the Offshore Technology Conference in Houston.

In a worst-case scenario, Simmons said, oil and gas output could fall by 10-20% by 2013 if industry does not replace its rusting, corroded assets. Spare capacity also has run out because formerly cheap prices for oil and gas precluded upgrading and construction of new facilities.

The authors compared recently constructed temperature data sets from Antarctica, based on data from ice cores and ground weather stations, to 20th century simulations from computer models used by scientists to simulate global climate. While the observed Antarctic temperatures rose by about 0.4 degrees Fahrenheit (0.2 degrees Celsius) over the past century, the climate models simulated ncreases in Antarctic temperatures during the same period of 1.4 degrees F (0.75 degrees C).
The error appeared to be caused by models overestimating the amount of water vapor in the Antarctic atmosphere, the new study concludes. The reason may have to do with the cold Antarctic atmosphere handling moisture differently than the atmosphere over warmer regions.

So why the hype? Well, global warming is a growth industry designed to keep Earth and some bank accounts green.

Gore himself joined the venture capital group, Kleiner Perkins Caufield & Byers just last September. On May 1, the firm announced a $500 million investment in maturing green technology firms called the Green Growth Fund.

The group announced another $700 million to be invested over the next three years in green-tech startup firms. But if the green technology business, uh, cools down, there will be no return on that investment. There would be no need for such investments if global warming wasn’t a threat. So Gore just launched, among other things, a $300 million on an ad campaign to convince us it is so.

Speaking at a conference in Monterey, Calif., on March 1, the former vice president admitted to having "a stake" in a number of green investments into which he recommended attendees put money rather than "subprime carbon assets" such as tar sands and shale oil. He also is co-founder and chairman of Generation Investment Management, which sells carbon offsets that allow rich polluters to continue polluting with a clear conscience.

We have a prediction all our own — that disastrous global warming will not occur. Then the greenies will take credit for preventing it and ask us if we’re glad we spent trillions in fighting it. Al Gore will be laughing all the way to the bank.